Italy and Spain underperform as European equities edge up
* Italian and Spanish stock markets fall
* Traders cite concerns over European elections this week
* Rising demand for protection in case FTSE MIB falls
* FTSEurofirst 300 closes up 0.1 pct at 1,366.29 points
* Raiffeisen rallies after Q1 results
By Sudip Kar-Gupta
LONDON, May 22 (Reuters) - Italian and Spanish stocks underperformed firmer equity markets elsewhere in Europe on Thursday, as traders said concerns about this week's European Parliament elections were weighing on Milan and Madrid.
Italy's FTSE MIB equity index closed down by 1.1 percent, while Spain's IBEX stock market fell 0.1 percent.
Both underperformed the pan-European FTSEurofirst 300 index , which edged up 0.1 percent to 1,366.29 points - still in sight of a six-year high of 1,372.81 points set last week. Germany's DAX also rose 0.2 percent. Continuación...